Merger Process Review Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Merger Process Review Act, requires the Inspector General for several key financial regulators – the Federal Reserve, the Comptroller of the Currency, the FDIC, and the NCUA – to periodically review how these agencies handle applications for mergers of insured banks and credit unions. Every three years, the Inspector General must assess the timeliness and efficiency of the merger approval process and provide recommendations for improvement. The relevant regulatory agencies must then respond to these recommendations with a plan for implementation.
Key provisions
- The Inspector General of each specified agency must conduct a review every three years.
- Reviews must evaluate application processing times using quantifiable metrics.
- Reviews must identify sources of delays in the merger approval process.
- Reviews must include specific recommendations for improving efficiency.
- Agencies must submit a report to Congress detailing the review findings.
- Agencies must provide a written response to the report, including an implementation plan.
- The term ‘application’ is defined broadly to include various types of merger requests.
- The definition of ‘insured depository institution’ is provided, referencing relevant statutes.
Who is affected
- Federal Reserve Board
- Office of the Comptroller of the Currency
- Federal Deposit Insurance Corporation
- National Credit Union Administration
Bill text
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